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Investors welcome PKN Orlen’s failure in Turkey

APA - Austria Presse Agentur
opublikowano: 13-09-2005, 14:42

Warsaw (Puls Biznesu) – PKN Orlen lost in the second round of negotiations concerning the acquisition of 51 percent in Tupras, the Turkish refinery. Koc Holding, a consortium comprising, among others, Shell, won. It offered USD 4.14 billion (EUR 3.4 billion), winning with Hungarian MOL, Italian ENI and Austrian OMV. “You could expect that.

Warsaw (Puls Biznesu) – PKN Orlen lost in the second round of negotiations concerning the acquisition of 51 percent in Tupras, the Turkish refinery. Koc Holding, a consortium comprising, among others, Shell, won. It offered USD 4.14 billion (EUR 3.4 billion), winning with Hungarian MOL, Italian ENI and Austrian OMV. “You could expect that. It’s hard to win with such a giant as Shell. It won’t change Orlen’s strategy. It will look for acquisitions, the Lithuanian Mozeiki will be one of its targets”, Rafal Salwa, independent analyst commented.

 Investors reacted in shares’ price increase. “The market felt relief that Orlen will not have to look for additional financing for this acquisition. Shares rose PLN 0.2-0.3 a share after the news was published”, Wojciech Wosko, DM BZ WBK broker said. Yesterday, shares rose 2.6 percent to PLN 60 (EUR 15.2). No wonder. In the middle of last week, investors got frozen by the Fitch rating agency. It warned that a possible acquisition of the Turkish refinery could endanger Orlen’s liquidity if it was financed with debt.

PKN Orlen has problems in the Czech Republic . It has a clash with Agrofert which demands the Polish fuel giant to sell shares in Unipetrol, a transaction promised by the former management of PKN Orlen. The new one believe that the prices are too low.

(PLN 1 = EUR 0.254)

(USD 1 = EUR 0.814)

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Podpis: APA - Austria Presse Agentur

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